- Funding fromGreat HillPartnersand Parthenon Capital Partnersto fuelglobalexpansion
WALTHAM, Massachusetts, Nov. 4,2014 /PRNewswire/ --Global payment gateway BlueSnap announced today thatthe company has raised $50millionof growth equityfrom Great Hill Partners, Parthenon CapitalPartnersand BlueSnap CEO Ralph Dangelmaier.BlueSnapwill usethe new funding toexpand operations foritsglobal business andpursue strategic acquisitions.
BlueSnap has reinvented and optimized the checkout experience by combining intelligent payment routing, frictionless one-click checkout, cross-border payments, award-winning Smart Subscriptions, multiple integration options and dynamic eCommerce tools. With over 10 years of experience serving merchants around the globe, BlueSnap provides the most robust global gateway on the market,supportingshoppers in 180 countries with localization in 29 languages, 60 currencies and 110 payment types.
BlueSnap has over 110 employees in Boston,Chicago,London, Silicon ValleyandIsraeland recently addedinnovativecustomers PreSonus, Magisto,Symantecand DudaMobile. The companyis uniquely positioned to help merchants meet the increasing demands of PCI compliance with APIs, client side encryption and dynamic hosted checkout pages.
"We'reexcitedto announce that two of the most experienced private equity firms in the paymentsspace have made a commitment to backing BlueSnap's global expansion," said Ralph Dangelmaier, CEO of BlueSnap. "When there areover 7 billionmobile devices worldwideyet73% ofU.S. merchants don't sellglobally,we feel there is a huge missed opportunity. We're determined to help merchants sell beyond their borders."
Parthenon Capital Partners led the financing andexisting investor,Great Hill Partners,and BlueSnap management participated in the round. Brian Golson,Managing Partner atParthenon Capital Partners,willjoinBlueSnap's board of directors. BrianGolsoncommented:"We are thrilled to work withGreat Hill Partners and BlueSnapongrowingthe company globally.We are impressed with the team's extensive payments industryexperience, and we're confident in BlueSnap's vision for growth and innovation."
Great HillPartners'Managing Partner Matthew Vettel, Partner Chris Busby and Principal Nick Cayer will continue to serve on the board of directors along withBlueSnap CEO Ralph Dangelmaier. Zach Sadek,Principal at Parthenon Capital Partners,will beaBoard Advisor.
"BlueSnap's commitment to cross-border commerce hasled to arobust gateway that handles global acquiringbetter than anything else wehaveseeninthe market," said Matthew Vettel."This is the time for BlueSnap to expand aggressively. Merchants around the world need the technology they offer."
About BlueSnap
BlueSnap is a smarterglobalpayment gateway powering the checkout process for eCommerce merchants worldwide, and fueling growth for online businesses servingglobalmarkets. BlueSnap is fulfilling its promise to convert more shoppers to buyers worldwide. Learn more atwww.bluesnap.com.
About Great Hill Partners
Great Hill Partners, aBoston-based private equity firm, manages more than$3.0 billionin capital.Focusing exclusively on software and service providers in growth sectors, Great Hill targets the financial technology, business services, software, and media and communications industries. Great Hill makes investments of$25 million to $150 million.
About Parthenon Capital Partners
Parthenon Capital Partners is a leading mid-market private equity firm based in Boston and San Francisco. Parthenon utilizes niche industry expertise and a deep execution team toinvest in growth companies in service industries. Parthenonseeksto be an active and aligned partner to management, either through recapitalization transactionsor by backing new executives. Parthenon has particular expertise in business services, financial and insurance services and healthcare, but seeks any service, technology or delivery business witha strong value propositionand proprietary know-how. Parthenon's investment team has deep experience in corporate strategy, human capital, capital markets and operations, thereby enabling the firm to pursue complex, multi-facetedvalue creation opportunities. For more information, visitwww.parthenoncapitalpartners.com.
"BlueSnap", its logo, and "Smart Subscriptions" are trademarks of BlueSnap, Inc.
